Soybeans are up fractionally to 1 ¾ ents on Monday morning. Futures fell lower into the weekend, with contracts 15 to 17 cents lower on Friday. Weekly losses were 28 cents in the January contract. Open interest on Friday was down 3,284 contracts. The cmdtyView national average Cash Bean price was 17 cents lower at $10.06 1/2. Soymeal futures were 40 cents to $1.80 higher in the front months and lower in the deferreds, with January closing the week down $4.90. Soy Oil futures were 55 to 83 points lower, as Jan was down 162 points this week.
We will get another backlogged update to the Export Sales report shortly. Traders are looking for 0.8-3 MMT in soybean sales for the week of November 20. Meal sales are estimated at 100,000-450,000 MT, with 5,000-25,000 MT for bean oil.
Commitment of Traders data was updated on Monday afternoon for the week ending on November 18, with spec funds adding 35,182 contracts to their net long position. That position was 229,625 contracts net long by that date, the largest since October 2020. Data for the week of 11/25 will be released this morning.
AgRural estimated the Brazilian soybean crop at 97% planted as of Thursday.
Jan 26 Soybeans closed at $10.76 3/4, down 16 3/4 cents, currently up 1 3/4 cents
Nearby Cash was $10.06 1/2, down 17 cents,
Mar 26 Soybeans closed at $10.86 3/4, down 16 cents, currently up 1/2 cent
May 26 Soybeans closed at $10.97, down 15 1/4 cents, currently up 3/4 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
